Middle East Business: Dana Gas more than doubles net profit to $54m in Q1 – Gulf Digital News

Middle East Business: Dana Gas more than doubles net profit to $54m in Q1 – Gulf Digital News

Dana Gas, the Middle East’s largest regional private sector natural gas company, today announced a 125% jump in net profit for Q1 2022, reaching AED198 million ($54 million) or 2.8 fils per share as compared to AED88 million in Q1 2021, reflecting strong business performance.

Revenue was AED513 million ($140 million), 32% higher compared to AED389 million in Q1 2021. The increase in revenue and profit was the result of higher hydrocarbon prices and the company’s successful efforts to manage costs. The company’s EBITDA increased 62% in Q1 2022 at AED297 million ($81million).

The company’s realised prices during the period averaged $82/bbl for condensate and $43/boe for LPG compared to $44/bbl and $33/boe respectively in Q1 2021.

Dr Patrick Allman-Ward, CEO of Dana Gas, commented: “Building on the positive momentum from 2021, Dana Gas has delivered one of its best quarterly results, supported by high energy prices, continued high KRI operational performance and our low-cost base. This has allowed the Board of Directors to recommend a 4.5 fils dividend payment to shareholders.

"Looking ahead, good progress continues to be made on the $600 million KM250 gas expansion project. The next phase of development is expected to contribute an additional 25% to our total production